Electric Grill Is Estimated To Witness High Growth Owing To Opportunity In Outdoor Cooking
An electric grill is a kitchen appliance used for grilling or cooking food without using direct heat or an open flame. It uses electric heating elements, plates, or coils to generate heat and cook food. Electric grills are safer to use indoors or outdoors as compared to gas or charcoal grills. They are easy to operate and maintain, with low risk of fire. The global electric grill market is primarily driven by growing consumer preference for convenient grilling appliances. The global Electric Grill Market is estimated to be valued at US$ 4.53 Bn in 2023 and is expected to exhibit a CAGR of 8.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing outdoor recreational activities and trend of al fresco dining presents a significant growth opportunity for electric grill market. Consumers are increasingly spending time outdoors with family and friends for various recreational purposes such as camping, picnics, tailgating etc. Electric grills allow consumers to safely grill and cook meals outdoors with ease. Various electric grill manufacturers are launching innovative products tailor made for outdoor cooking. For instance, compact and portable electric grills are gaining popularity for use during camping, picnics. Growing consumer interest in convenient and safe outdoor cooking is expected to drive robust demand for electric grills over the forecast period.
Porter’s Analysis
Threat of new entrants: Low barrier to entry may lead to increased competition in the electric grill market. However, established brands have strong brand loyalty and economies of scale which make entry difficult.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute gas grills. However, growing popularity of electric grills increases switching costs for buyers.
Bargaining power of suppliers: Component suppliers have moderate bargaining power due to availability of substitutes and bargaining power of buyers.
Threat of new substitutes: Threat of substitutes like gas grills is moderate as they provide similar benefits but pollute less.
Competitive rivalry: Intense due to presence of many global and regional players competing on pricing and innovation.
SWOT Analysis
Strength: Growing health concerns related to smoke from gas grills. Eco-friendly and low maintenance feature increases appeal.
Weakness: High initial cost compared to gas grills. Limited range/portability due to power cords.
Opportunity: Penetration in developing countries. Product innovations catering to niche customer segments like portable grills.
Threats: Fluctuation in raw material prices. Regulations limiting electromagnetic emissions can impact design.
Key Takeaways
The global Electric Grill Market Scope is expected to witness high during the forecast period due to increasing health awareness. The North America electric grill market holds the largest share currently due to rising outdoor cooking trend and growing barbecuing culture.
Regional analysis shows the Asia Pacific electric grill market is estimated to grow at the fastest pace till 2030 on back of rising disposable incomes, growing urban population and changing eating habits in countries like China and India.
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